A get-together similar to a party, only really chill, and the guests are comprised of socially awkward people. Llama's tend to take place on a Friday night, in one small room, last for hours and hours, and end on a really awkward note (Like watching "Confessions of a Porn Addict")
Often, a Llama will begin with a larger amount of people (7-10), but slowly drop off as the night progresses.

Jonathan "Hey, I feel like a wall-flower tonight. I don't want to go to a party."
Sarah "Then don't. I'm having a llama tonight, come to that instead."
Jonathan "Okay. Who's coming?"
Sarah "So far? Me and you."
Jonathan "Cool."